- USD/JPY quickly reverses an early dip to two-week lows, below mid-108.00s.
- Positive trade-related headlines prompted some intraday short-covering move.
The USD/JPY pair showed some resilience below a confluence support near mid-108.00s and rallied around 35 pips from near two-week lows in reaction to positive trade-related headlines.
The mentioned support comprises of 50-day SMA and over one-month-old ascending trend-line, which should now act as a key pivotal point for short-term traders.
It is worth mentioning that a Bloomberg report indicated that the US and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal.
Meanwhile, technical indicators on the 1-hourly chart have quickly moved back into the bullish territory but are yet to catch up with the positive move on 4-hourly chart/daily charts.
Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the very important 200-day SMA (around the 108.90 region) before positioning for additional gains.
USD/JPY daily chart
|Today last price||108.74|
|Today Daily Change||0.11|
|Today Daily Change %||0.10|
|Today daily open||108.63|
|Previous Daily High||109.21|
|Previous Daily Low||108.48|
|Previous Weekly High||109.67|
|Previous Weekly Low||108.63|
|Previous Monthly High||109.67|
|Previous Monthly Low||107.89|
|Daily Fibonacci 38.2%||108.76|
|Daily Fibonacci 61.8%||108.93|
|Daily Pivot Point S1||108.34|
|Daily Pivot Point S2||108.05|
|Daily Pivot Point S3||107.62|
|Daily Pivot Point R1||109.07|
|Daily Pivot Point R2||109.5|
|Daily Pivot Point R3||109.79|
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